Washington, D.C. – Campaign Money Watch, a nonpartisan campaign finance watchdog group, today criticized Sen. John McCain (R-AZ) for putting forward a $300 billion plan that he claims would help struggling homeowners, but according to news reports would benefit the mortgage lending industry that has given him $3.8 million in campaign contributions and the 53 industry lobbyists staffing, advising or raising money for his presidential bid. The 53 lobbyists have made $36.9 million from the lending industry in the last ten years.

In a proposal announced during Tuesday’s presidential debate, McCain said the government should buy up troubled loans at face value, with the government issuing a new federally guaranteed loan in its place. McCain said this would help Americans facing foreclosure keep their homes, but a report in today’s Wall Street Journal indicates the plan would “make winners out of investors – including predatory mortgage lenders.”

“As John McCain travels to Wisconsin and Minnesota today, homeowners around the country are looking for help and leadership on the economic crisis,” said David Donnelly, director of Campaign Money Watch. ”But as we learn more about his proposal, we see that there is plenty to help his donors, but little for places like Minnesota, where foreclosures are up 49 percent in the past year, or in Wisconsin, where 2,226 homes are in some stage of foreclosure.

“Before John McCain utters one more word about cronyism, he ought to look at the glass house from which lobbyists run his campaign,” Donnelly continued.

A Campaign Money Watch analysis of data from the nonpartisan Center for Responsive Politics found that, since 1989, McCain has received $844,701 from banks and lending institutions, $231,115 from mortgage bankers and brokers and $2,754,359 from commercial banks and bank holding companies. Meanwhile, lobbyists working to help McCain pulled in $36,878,500 in fees from the mortgage lending industry in the past ten years.

Fourteen of these lobbyists have received $8.1 million from Fannie Mae, and 16 lobbyists have made $12.8 million from Freddie Mac. In addition, Freddie Mac paid nearly half a million dollars in undisclosed payments to the lobbying firm of McCain campaign manager Rick Davis.

“John McCain’s retreat on his mortgage proposal has all the markings of a special interest deal,” Donnelly continued “Say one thing to voters, but then let the lobbyists and big donors write the fine print. It’s ideas like this that demonstrate the grip big money donors and powerful lobbyists have on Washington – and the need for the comprehensive campaign finance reforms John McCain has rejected.”

A full fact sheet on John McCain’s mortgage industry campaign contributions and lobbyists can be found at http://www.campaignmoney.org/mccainmortgage.

Campaign Money Watch is a project of the nonpartisan Public Campaign Action Fund. Earlier this year, it launched a Web site, http://www.McCainsLobbyists.com, highlighting the connections between McCain and the lobbyists who advise, staff and raise money for his campaign. The organization works to hold politicians who are against comprehensive campaign finance reform accountable for where they get their political donations.